$585M Redevelopment Planned for Historic Denver Rock Drill Site in Cole Neighborhood

DENVER, CO – A century-old factory site in Denver’s River North neighborhood is poised for an ambitious redevelopment. Developers OliverBuchananGroup are leading a $585 million plan to transform the former Denver Rock Drill Manufacturing Company campus into a new mixed-use district that blends historic preservation with modern density. The 7-acre property, located near 39th Avenue and Franklin Street, has sat largely vacant for more than a decade.

Photos Sourced from Denver Rock Drill Public Website

Project Overview

The development calls for as many as 700–800 residential units, with 10% reserved as affordable housing. In addition to new office, retail, and hotel space, the plan envisions towers rising up to 22 stories alongside preserved industrial structures that date back more than a century.

Several of the site’s iconic sawtooth-roofed buildings will be restored and integrated into the design, maintaining a visual connection to Denver’s industrial past. Public plazas, pedestrian-oriented streets, and art-focused corridors will create new gathering spaces designed to connect directly with the 39th Avenue Greenway.

Photos Sourced from Denver Rock Drill Public Website

Why This Project Matters

The Rock Drill property was once home to a bustling factory that produced pneumatic drills used in mining across the world. For much of the 20th century, it was an active hub of industry before falling into decline. Today, the campus is considered “blighted” by the Denver Urban Renewal Authority due to environmental contamination and deteriorating structures, some of the conditions that have stalled redevelopment efforts in the past.

Developers hope to change that with the help of a city-approved tax-increment financing package valued at up to $39 million. Those funds will be used primarily for environmental cleanup and rehabilitation of historic structures, helping make preservation financially viable.

“This project has the potential to become an anchor for the Cole neighborhood,” city officials noted during council discussions, highlighting the site’s size and potential to attract residents, businesses, and visitors.

Photos Sourced from Denver Rock Drill Public Website

Timeline

The redevelopment will require extensive design, permitting, and remediation work before construction begins. Current projections target a groundbreaking in 2026, with construction expected to take two to three years.

When complete, the Rock Drill redevelopment would add nearly 1.3 million square feet of new space to the River North area—continuing the rapid transformation of one of Denver’s fastest-growing districts.

Photos Sourced from Denver Rock Drill Public Website

Development Team:

Developer: OliverBuchananGroup in partnership with the Weiss family (longtime site owners)

Design & Architecture: Gensler, Sasaki, Semple Brown, RUE, S. A. Miro, Inc.

Construction: PCL Construction

Engineering & Consulting: Burritt Design, Wall-Kane Consulting

Legal: Foster Graham Milstein & Calisher LLP (FGMC)

Public Partner: Denver Urban Renewal Authority (DURA)

All project information was sourced from publicly available site plans, renderings, and permitting documents.

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All project information was sourced from publicly available site plans, renderings, and permitting documents.